Updated May 12, 2025
Jordan E. Slone Of Harbor Group Management Acquires Multifamily Asset From Douglas C. Yearley Jr For $181.7M
275 Second Avenue
$181,700,000
Units
390
Asset Type
MultiFamily
Closing
Apr 14, 2025
About this deal
AI
The Kendrick is a multifamily apartment complex located at 275 Second Avenue in Needham, MA. The property was built in 2018 and consists of 390 units. The transaction was completed for a sale price of $181,700,000, which translates to a price per unit of $465,897.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $181,700,000
- Buyer: Jordan E. Slone - Harbor Group Management
- Seller: Douglas C. Yearley Jr - Toll Brothers
- Units: 390
Jordan E. Slone, representing Harbor Group Management, acquired the property from Douglas C. Yearley Jr, representing Toll Brothers. This transaction underscores the activities within the multifamily real estate market in the Needham area.
On the Map
$181,700,000
MultiFamily
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Players
Needham Heights MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93